John Enterprises Limited
30TH April 2014
Subject: Employee loan agreement letter
Dear Mr. Paul,
This letter serves as the loan agreement letter between Leonardo Paul, hereby referred as the employee and Mr. Jacob Mark, hereby referred as the employer, at John Enterprises Limited. The agreement is made as on 30th April 2014.
The employee and the employer hereby agree to the following terms and conditions:
1) The employee acknowledges a loan of $10,000 from the employer for the period of 3 years.
2) The employee acknowledges and agrees that an interest rate of 7.5% per year would be charged on any outstanding amount and the repayment would be done monthly.
3) Through this agreement letter, the employer has got the right to deduct $200 per month from employee’s pay check. The deduction would start from 15th May 2014 and will continue until the full payment of the loan has been made.
4) Employee also agrees that final repayment of the loan would be deducted from his final pay check, upon his termination/resignation or lay off from the employer’s company.
5) Any further communications, promises, or changes in the employee loan agreement would be done or made by the mutual consent of both the parties.
If you have any requests, complaints or queries regarding the loan agreement, please feel free to contact company’s loan in charge on 4949394.
Thanking you for your kind cooperation.
Head of the Department
John Enterprises limited